Every time China produces a new download of economic numbers, it prompts the same question outside the country: do we believe them?
Earlier this year, the suspicion was that growth numbers had been “smoothed” to conceal a recession. Now, after China announced that its economy had grown by 8.9 per cent in real terms over the past 12 months, the suspicion is that this is an understatement.
London's Lombard Street Research, for example, reckoned that China's economy grew 7.5 per cent (a 30 per cent annualised rate) in the third quarter, having contracted in the fourth quarter of last year.
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